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May 19, 2008

South Florida Condominium Minefield -- Condominium Associations

Analysis of: Investor Report: Miami-Dade County | realtytimes.com
This analysis is solely the work of the author. It has not been edited or endorsed by GLG.
Analysis By:
Anthony Trella, CEO/PresidentAnthony Trella
CEO/President, The Meranth Company, Inc.
Implications: Buyers and Investors Beware:  In addition to determining values (prices), careful analysis of the financial conditions of Condominium Associations (CA's) must be prudently examined before purchasing.  

Analysis: Many of the Condominium Associations (CA's) are not collecting their needed fees and thus are finding their cash flows in jeopardy. This is caused by: the inability of some owners to pay such fees; by foreclosed units; and by cash-strapped developers. This will lead to an undeterminable number of additional "special assessments" from the current owners. This is a requirement under the Florida Condominium Statute.
There is even speculation that some CA's may have to file bankruptcy. Some lenders have become aware of this situation and started "black listing" certain building for mortgages.

Other Analyses of the Same Source Article:
Miami Condo Crisis
May 19, 2008, Author: GLG Expert Contributor
Miami-Dade Market Analysis
May 19, 2008, Author: Jack Kern, Managing Director, Kern Investment Research

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